Sol-REIT Secures a Warehouse Credit Facility Led by Amerant Bank to Support Clean Energy Developers
MIAMI, May perhaps 17, 2022–(Organization WIRE)–Sol-REIT, which is revolutionizing clean energy funding via ground breaking design-to-everlasting financial loans leveraging a house loan REIT design, has secured a considerable credit rating facility with a primary fiscal institution dedicated to environmental alter.
The agreement with Amerant Bank, the largest local community bank in Florida, will permit Sol-REIT to deploy charge-powerful cash to help tiny and medium-sized solar builders to finance renewable electrical power initiatives in communities everywhere you go, together with historically underserved places.
“By securing a warehouse facility with a significant regional financial institution, we’re capable to offer modest to medium-sized photo voltaic developers with entry to funds and proliferate the obtain to thoroughly clean electricity for a lot of homes and businesses throughout the country,” said Mark Settles, CEO of Sol-REIT.
The Amerant Bank facility will give Sol-REIT the capability to expeditiously execute its expansive pipeline of about $800 million and 400 megawatts of photo voltaic electric power. Sol-REIT is funding unique photo voltaic projects with an common bank loan sizing of $5 million to $50 million.
“Amerant is committed to presenting products and solutions that enable our communities and shoppers deal with the exceptional impacts of weather adjust,” said Jerry Plush, Amerant Vice Chairman and CEO.
Sol-REIT has structured an particularly persuasive home finance loan solution for middle-market place photo voltaic builders. Traditionally, photo voltaic financing has been inefficient, which is why Sol-REIT is switching the game in this sector.
“We are elated to further grow our romance with Amerant Financial institution. Amerant has observed the vision of Sol-REIT and is at the forefront of remaining a capital advancement driver in the renewable finance organization,” stated Sol-REIT’s Co-Founder and Head of Money Markets, Brian A. Sidman. “Though other banking companies may possibly comply with, Amerant has tested to be a prominent banking establishment that is insightful in developing their footprint while restricting risk via their diversification into financial commitment-quality, quality, cleanse vitality financing.”
“We are actively striving to help bridge the hole confronted by communities by offering accessibility to finance and creating trusted associations,” Plush mentioned. “This engagement with a credit score facility offers us the special possibility to drive both of these goals. It is our expectation that by partnering with Sol-REIT, we can prolong our economic expert services to the underserved though facilitating weather resilience.”
The 400 megawatts of solar electricity is equal to powering 72,253 properties with electricity each individual yr or reducing virtually a billion miles driven by an ordinary gasoline-driven passenger auto every year.
“There is no query that international weather worries are producing the world to re-assume their power offer chain and evaluate sustainable choices,” said Danny Rivera, SVP, Head of Specialty Finance at Amerant Financial institution, who spearheaded the transaction. “Credit rating amenities, these types of as the a person we are delivering to Sol-REIT, deliberately support the transition to photo voltaic vitality.
“Exclusively for underserved tiny and medium-sized enterprises with a sustainable reason, credit facilities provide a basic device for organization continuity, liquidity and funding versatility.”
Founded by Jim Spano, Kevin Adler and Brian A. Sidman, Sol-REIT is the 1st and only agency seeking to deliver mortgage loan REITs (genuine estate expenditure trusts) to the renewable power market place.
About Amerant Lender
Amerant Financial institution, N.A., is the most significant local community lender headquartered in Florida and the key subsidiary of Amerant Bancorp Inc. (NASDAQ: AMTB), with a presence throughout South Florida and in Tampa, FL, and Houston, TX. The financial institution has been serving customers for above 40 several years, each domestically and overseas, and includes subsidiaries Amerant Investments and Amerant Mortgage. Rooted in the communities it serves, Amerant Lender supports several non-earnings, charitable and arts corporations. For information and updates, pay a visit to the Amerant Newsroom.
About Sol-REIT:
Sol-REIT revolutionizes cleanse energy funding by delivering revolutionary development-to-long lasting loans for middle-industry solar developments throughout North The us. This section is remarkably underserved in today’s renewable electrical power market place. Led by a workforce of marketplace authorities expert in solar progress, serious estate lending, REITs, and preset revenue, Sol-REIT is the first expenditure car or truck to provide home finance loan REITs to the renewables marketplace. In the system, Sol-REIT strives to participate in an critical part in reducing the world-wide carbon footprint. By funding photo voltaic comparable to serious estate, Sol-REIT offers versatile financing for solar jobs that matches the asset’s operational lifetime while empowering photo voltaic developer business people to turn out to be very long-term proprietors of their very own tasks. Sol-REIT is now financing particular person solar assignments with an ordinary loan dimension of $5 million to $50 million. For much more facts, pay a visit to https://www.sol-reit.
com
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Contacts
Media Speak to:
Sid Robinson, APR
Sol-REIT / (909) 227-9589
[email protected]
Media Call:
Victoria Verdeja / Amerant Financial institution
[email protected]
